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CSPAN
Dec 4, 2012 12:00pm EST
are talking about the patch about the 2012 taxable year, and unlike the fiscal cliff that affects tax rates that apply next year, the patch applies to the return that we will all have to file early next year. if there is not congressional action here, there is the abrupt increase in tax on the 2012 taxable year under -- in 2011, approximately 4 million people paid the amt. if there's not a patch, 30 # million people will be required to pay in 2012, and for the current taxable year, and they will pay app additional $90 billion in tax. none of them -- few of them have any idea that this is on the table. >> host: is the isr prepared? >> guest: the irs took a fairly unusual, but i think correct position, taking the position that congress will do the responsible thing so they did their tax programming for next year for the 2012 return, assuming congress would enact the patch before the end of the year. if -- i think that was the reasonable thing to do because almost -- even i believe they will do that -- however, it does mean if there's not a patch, the tax return filing season next year will be
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